People Moves: Stonehage Fleming, Vanguard, C5 Capital

Stonehage Fleming

Stonehage Fleming, the London-based multi-family office, has expanded its Jersey office with the appointment of Rudi Bodenstein as a director.

Bodenstein comes to Stonehage from Guernsey-based wealth manager FNB International Trustees, a part of South Africa’s FirstRand National Bank, where he spent eight years developing its fiduciary and advisory business.

Before relocating to Jersey in 2008, Bodenstein had been a partner in a South African law firm, and attorney of the High Court of South Africa for eighteen years, where he specialised in litigation, trust and estate planning, personal and family law as well as international structuring.

At Stonehage, Bodenstein will work closely with Paul Roper, a partner at the firm, to develop its ‘Emerald Offering’, the family office’s in-house trust and investment service, for clients with “inter-generational” succession planning and wealth preservation requirements who may not need a complete family office service.

Stonehage Fleming was created in 2015 by the merger of two well-established family office entities, Stonehage and Fleming Family & Partners. Stonehage had been set up in 1976 as a “diaspora vehicle” by a group of South African families who were looking to leave their homeland’s apartheid regime behind, while Fleming was founded in 2000, and had offices in places like Moscow and Hong Kong as well as London, where it was based, and Zurich.

Stonehage Fleming currently advises on more than  £32bn ($43bn) of assets, on behalf of more than 250 families, out of 11 offices in eight jurisdictions, according to its website. Its investment business looks after more than £9.2bn ($12.4bn) on behalf of families and charities.

Vanguard, the Malvern, Pennsylvania-based exchange-traded funds giant, has named Paul Jakubowski to succeed Ken Volpert as head of investments  for Europe, as part of a wider reshuffling of the company’s $1.4trn fixed income group that was described as coming as part of Vanguard’s “long-standing practice of periodically rotating” its investment professionals to broaden their experience and deepen their experience in their sector.

Volpert, who first joined Vanguard in 1992 and who managed its Total Bond Market Index fund from that year until 2014, is due to retire in August, Vanguard said.

Jakubowski, pictured left, who currently works as the global head of Vanguard’s taxable credit group, will also take the position of global head of fixed income indexing, and will be responsible for all of Vanguard’s bond indexing operations worldwide.

Taking over Jakubowski’s previous responsibilities, overseeing the active corporate bond portfolio management and trading teams in the US, Europe, and Asia-Pacific, will be Christopher Alwine, currently head of municipal investment. He will be based in Vanguard’s US headquarters in Malvern, the company said.

Alwine will be responsible for the oversight of the global taxable credit research team and the Stable Value Group. He joined Vanguard in 1990, and has more than twenty years of investment experience.

Meanwhile, Paul Malloy, currently head of fixed income in Europe, will assume Alwine’s previous role, leading Vanguard’s  municipal bond team of 30, who manage more than $183bn in 12 municipal bond funds.

Malloy joined Vanguard in 2005 and its fixed income group in 2007, and has held various portfolio management positions in Vanguard’s offices in London and the US, Vanguard said. In his new role, Malloy will be based in Malvern.

Christopher Wrazen, manager of the $103.5bn Vanguard Total International Bond Index fund, will move to manage the bond index group in Europe. He has been with fixed income group since 2008, and his team currently manages more than $200bn in more than 20 bond index fund portfolios, according to Vanguard.

Finally, Josh Barrickman, currently head of fixed income indexing for the Americas, will become sole portfolio manager on nine funds, including the Vanguard Total International Bond Index fund.

C5 Capital

C5 Capital, a London-based, FCA-authorised investment entity specialising in cybersecurity, artificial intelligence and cloud-based investment vehicles, has named Christopher Cooke managing partner and head of investor relations. The position is a new one, the company said.

At C5 Capital, Cooke will join the company’s board, and will work closely with C5’s limited and general partners, C5 said in a statement. He will also “take responsibility for all aspects of fundraising and investor relations, working closely with [C5’s] head of fund operations and [its] investment team”, the statement adds.

Cooke comes to C5 from Hycroft, which he joined in January 2016 as managing director. Prior to this, he was a managing director of HSBC Bank in London, and held previous roles at such companies as  Greenhill London, Lehman Brothers – where he was a managing director – and Goldman Sachs, where he was an executive director in its fixed income business.

In a statement accompanying the news of his appointment, Cooke noted that “the secure data ecosystem, including cybersecurity and AI and data analytics, is probably one of the most important areas of investment focus in decades”, and that for this reason, 2018 looks to be “a pivotal year” for C5, which will be looking for additional acquisitions and to accelerate its growth and strengthen its presence “across geographies”.

C5 was founded in 2012 by Andre Pienaar, a lawyer and expert on cyberlaw and cybercrime, who remains a managing director.  In addition to its London base, the company also has offices in Munich, Luxembourg, Bahrain and Washington, DC.

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